In many respects, Dodd-Frank is the forgotten leviathan of the Obama administration – one that is dragging down the economy just as much as Obamacare, even though it hasn’t received the same scrutiny or provoked as much outrage.
The 2300-page bill, which turns four years old today, contains hundreds of new mandates and rules that distort the credit, financial, and housing markets, impose onerous and time-consuming burdens on small businesses, and limit consumer choice. The regulations are so complex that many of them have not been formally drafted, causing thousands of businesses to halt their expansions and new hiring until the government provides them with some clarity. It is nothing short of a wholesale takeover of the financial services and banking industries, much like Obamacare is to the healthcare industry. As House Financial Services Committee Chairman Jeb Hensarling (R-TX) recently said, Dodd-Frank is “more appropriate for a Soviet-style command-and-control economy than a system of free enterprise.”
There are a number of serious problems with this bill. Here are some of the worst aspects:
It’s no wonder such an odious law was conceived by two of the most corrupt members of Congress – Barney Frank and Chris Dodd – who were largely responsible for the housing crisis and ensuing freezing of the credit market. Sadly, three Republicans joined with Democrats to give opponents of free enterprise 60 votes in the Senate to pass the bill. And with energy to repeal even Obamacare is gradually waning, it’s becoming harder to rally Republicans against this un-American law.
While we are all focused on the more imminent threats of open borders, Obamacare, and our weak national defense, it’s important to remember that Dodd-Frank, rather than preventing a financial crisis, will serve as the foundation for the next financial meltdown. Any Republican candidate for president must unequivocally pursue full repeal of Dodd-Frank.
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